SK Telecom Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of SK Telecom through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
SK Telecom Product Strategy:
SK Telecom is one of the top telecom companies based out of South Korea. SK Telecom Co Ltd offers several services as part of its marketing mix product & service strategy. It offers services such as interconnection to connect its networks to fixed-line and other wireless networks, wireless voice transmission, cellular global roaming, wireless data communication services that allow subscribers to text, graphic, audio, and video messages; and wireless Internet services, broadband Internet access; video-on-demand and Internet protocol TV services; and fixed-line telephone services, such as local, domestic long distance, international long distance, and voice over Internet protocol services.SK Telecom Ltd a portal service under Nate brand name. SK Telecom Co Ltd manufactures and sells projection display devices, high-end audio devices, and intelligent agent machines. It also provides services including leased line solutions, and network solution services, Internet data center solutions, business communications services and O2O trade businesses.
Image: company website
This concludes the product strategy in SK Telecom marketing mix & strategy.
SK Telecom Price/Pricing Strategy:
Below is the pricing strategy in SK Telecom marketing mix strategy:
SK Telecom wants to provide value-added services that can benefit the users and develop a trend in the Korean market using customer-centered price plans. SK Telecom states by revamping the plans, customers will pay less each month for services, which in turn, will strengthen customer retention.
The measures were taken in an effort to lead the market to stabilization. In the year 2013, SK Telecom had launched the T&T Sharing plans for its LTE and 3G subscribers to get benefit from the VoIP services which earlier were offered only to the customers who had a higher price plan. Such value added services, are considered very important in the competitive Asian market. In order to avoid the fierce competition, SK Telecom develops and launches new and innovative price plans focused only on heavy mobile subsidies. These plans maximize customer value by lowering the price of the monthly shareable data plans and offering unlimited texting and intra-network voice calls.
SK Telecom Place & Distribution Strategy:
Following is the distribution strategy in the SK Telecom marketing mix:
SK Telecom had 28.6 million wireless subscribers as of December 31, 2015.
The company has a collaboration agreement with Huawei, Nokia, Ericsson, Qualcomm Technologies, AT&T Samsung and Deutsche TeleKom AG for the development and standardization of 5G.
SK Telecom Promotion & Advertising Strategy:
The promotional and advertising strategy in the SK Telecom marketing mix is as follows:
SK Telecom has proudly announced a technology win by developing a “breakthrough technology”. This technology will help in processing 5G data traffic at a much faster speed than LTE. As per the mobile operator’s opinion in the prevailing LTE network, the highest speed for packet switching per server is 20 gigabits every second. This new technology enables the speed to reach 200 gigabits every second and it will also be able to break the terabit per second barrier due to the addition of virtual servers.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of SK Telecom.
People:
SK telecom strives to strengthen the competitiveness of individual employees and has a process to improve their effectiveness, efficiency and relevance to the technology by recruiting suitable candidates and then train them to improve their skills and knowledge base. More than 20,000 people are employed with the company. Due to the fast changing technologies, the ever changing business influencers need to be dealt with in a timely manner and this is what the company tries to achieve. This way the company ensures that the output of the employees is to the desired mark. The company adapts differential compensation based on job Value and performance and promotes an open, real-time and two-way communication with its employees. SK Telecom focuses mainly on 3 issues viz. attaching high importance to the value set of the company, grooming leaders for future, creating a pool of very competent employees. There is enough opportunity given to employees to meet these 3 issues that the company focuses on and develop their own capabilities to achieve the qualities desired for the smooth growth of the company business.
Physical Evidence:
SK Telecom won the Global Telecoms Award in an annual event hosted by the British online IT media Telecoms.com. The company also won the ‘Best Innovation for LTE to 5G Evolution’ and the ‘Best Mobile App for Connected Living’ at the Asia Mobile Awards. SK Telecom is recognized for its efforts to enhance customer value and convenience by providing Smart Home, an intelligent platform (mobile app) that enables users to control and manage Smart Home-compatible home appliances.
Process:
SK Telecom aims at providing services to the customers which can connect the world from one end to the other. They constantly look for new incorporations that can make the provision of their services an easier process. In 2016, they introduced NUGU, an artificial intelligence (AI) service based on voice recognition technology. It is the first virtual home assistant service that can understand and process Korean language. NUGU can understand various voice tones, accents and dialects and through SK Telecom’s natural language processing engine, it can understand what the user has said and responds to the user by voice. This concludes the SK Telecom marketing mix.
About SK Telecom:
SK Telecom is a telecommunications service provider company. Founded in the year 1984 and headquartered in Seoul, South Korea, the company is one of the largest telecommunications service providers today. Earlier known as Mobile Telecommunications Co.
Ltd, the company was renamed as SK Telecom Company Ltd. in March in the year 1997.
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